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Audit committee     Print

An audit committee is an operating committee of the Board of Directors. Committee members are drawn from members of the company's board, with a chairperson selected from among the members. The committee's role is better described as oversight or monitoring, rather than execution. The responsibilities of the audit committee typically include:

  • Overseeing the financial reporting and disclosure process;
  • Monitoring choice of accounting policies and principles;
  • Overseeing hiring, performance and independence of the external auditors;
  • Oversight of regulatory compliance, ethics, and whistleblower rules;
  • Monitoring the internal control process;
  • Overseeing the performance of the internal audit function;
  • Monitoring the risk management policies and practices.

The duties of an audit committee are typically described in a committee charter.

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